Solana is a high-speed, secure, and cost-efficient blockchain network. With a hash rate of 50K/s (50,000 transactions per second), Solana is a highly scalable network. Increased acceptance of the Solano ecosystem has led to a bull-run in the SOL market. Past Performance of SOL On February 24, 2021, the opening price of SOL was $15.21. As of February 28, 2021, it closed at $13.12. In short, in the past 5 days, the SOL price has declined by roughly 14%. In the past 24 hours, the price has traded between $13.17-$14.75 but seems to be near a breakout. https://ift.tt/3syi71N Technicals for the Day-Ahead and Tomorrow Currently, SOL is trading at $14.60. The opening price of SOL today was $13.11. Thus, the SOL price is showing a positive trend. The OBV indicator is upward sloping. Thus, buying volumes are more than the selling volumes. Hence, increased buying activity will exert upward pressure on the SOL price. Thus, we can expect the SOL price to go up. The MACD and signal lines are positive. The bearish crossover by the MACD line over the signal line indicates a temporary price pullback. Thus, the price is likely to go up with intermittent price pullbacks. The RSI indicator is at 63%. A few minutes back it was in the ‘overbought’ region above the 70% mark. Thus, it is a good time for swing traders to go short. Since buying pressures are still high, we can expect the price to rise further. SOL Price Analysis Currently, the price has broken out of the second Fibonacci pivot resistance level of $14.63. It is likely to break out of the third Fibonacci pivot resistance level of $15.23 in some time. As the MACD indicator has pointed towards a brief price pullback, we can expect the SOL price to test the 23.6% FIB retracement level of $14.38, before resuming its upward journey again. We can expect this bull-run to continue tomorrow as well.
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